DareNFTs Is Changing The Way NFTs Are Managed

DareNFTs Is Changing The Way NFTs Are Managed

Recent times have brought vast innovations in blockchain tech. Its previously linear vision of peer-to-peer transactions only has expanded to include far more than what we thought possible. Now with new entries into the blockchain space every day, it seems like everybody is searching for what will be the next big thing in this space.

Ethereum, for example, has come out with Ethereum 2.0 which will provide all the features Ethereum users have come to know and love at a fraction of the previous gas fees. With this will also come reduced energy usage and by extension, reduced environmental impact which has been a strong point against Ethereum’s use in the past.

Cardano has also seen stellar progress in the past few months. A meteoric rise saw it settle right below its main competitor, Ethereum, and above the popular BNB. Touted as the ‘Ethereum killer’ it has a bright future ahead of it. Binance Smart Chain also made waves and brought widespread acclaim in the defi space earlier in the year for providing decentralized finance features at far less cost and far greater speed than Ethereum.

Despite all of this, it seems the major gainer in the past year has been NFTs. They have been one of the most surprising and welcome developments of the past year. The technology although developed in 2014 has caught on like wildfire this year tripling in transaction volume and seeing amazing growth. Even with the BTC price drop late in May, it has still kept going strong.

Despite its staggering performance, NFTs face multiple problems which if not taken care of could slow down and possibly halt their use over time. If NFTs are to catch on, problems such as illiquidity, ownership clarity, and their relationship between themselves must be solved. This is where DareNFT comes in.

What Are NFTs?

Before understanding how DareNFT is providing solutions to the NFT problem, one must first understand how NFTs work and how they differ from traditional cryptocurrencies. NFT stands for non-fungible token. Fungible is a synonym for replaceable which paints a better picture. Unlike cryptocurrencies and even real-world money/currency, NFTs are non-interchangeable.

To paint it even clearer a 100 dollar bill has no difference from another 100 dollar bill, hence both are interchangeable. The same thing applies to cryptocurrency. One Bitcoin is indistinguishable from another Bitcoin.

NFTs are different in this sense. Although they also make their home on the blockchain, each NFT is a unique token with intrinsic value. Hence the name ‘non-fungible token’. NFTs can be pictures, gifs, tokens related to real-world items, and many more. Their popularity has seen many people migrate into space and while some are using them to create value, some are also just in it for a quick buck.

How DareNFT Could Change The Entire NFT Landscape

DareNFT is a project that seeks to not just solve problems relating to NFTs but also to revolutionize the way they are handled. To this effect, they are looking to solve three major problems.

First, the project will provide clear relationships between NFTs and their derivatives. The same way some songs inspire remixes which are essentially ‘derivatives’ is the same way some NFTs inspire other derivatives. DareNFT will make clear connections between these allowing NFT origins to be traced.

Second, ownership of NFTs is sometimes put into question. Like real-life artwork, sometimes, ownership is between more than one person. The current system in NFTs does not make allowance for this and the project seeks to allow multi-ownership between NFTs.

Finally, is the problem of illiquidity. For people who have owned NFTs, this will be a familiar problem. You could buy an NFT hoping it appreciates and end up getting stuck with art that no one wants to buy. With DareNFT, ownership can be rented allowing holders to gain at least some compensation if they cannot sell the whole NFT.

The project is backed by leading blockchain players and reputable investors including Kyber Network, AU21 Capital, Basics Capital, X21Digital and others. It is currently gearing for the upcoming crowdsale with strategic support. DareNFTs is also accelerating its community initiatives across all social platforms with huge audiences. For users exploring gem coins in the NFT space, this is definitely the one.